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By Philip Maina
2 months agoSat May 04 2024 12:04:13
Reading Time: 2 minutes
Bitcoin scaling layer Stacks experienced a surge in users in April
The surge saw an increase in active addresses that touched a new all-time high (ATH)
The increase is attributed to the growing usage of Bitcoin-powered DeFi platforms
The increased adoption of Bitcoin -based DeFi platforms is showing in the usage of the blockchain ’s scaling layers like Stacks. Stacks recorded a rise in active accounts in April which touched a new ATH of 122,497, with an active account defined as one that has conducted at least one transaction within the month. The increase in active addresses comes a few days after Bitcoin underwent its fourth halving and after the launch of meme coin-focused project Rune protocol, an indication that new developments in the space are attracting more users to the Bitcoin ecosystem.
Bitcoin Layer Twos’ Usage on the Rise
According to an analysis by data provider Signal21, the new ATH surpassed the previous one set in March this year which was slightly below 120,000. Signal21’s data shows that Stacks’s usage has been on the rise since December last year.
Active Accounts on @Stacks reached a new all time high of 122,497 for the month of April $STX pic.twitter.com/lcE8tAj9rz
— Signal21 (@signal21btc) May 2, 2024
The rise is expected to continue as more DeFi projects tap Bitcoin scaling layers to avoid the congestion and high transaction fees often witnessed on the main Bitcoin blockchain. On halving day, April 20, for example, the fees averaged $92 but have since dropped to below $2 as of the time of writing.
Bitcoin Scaling Layers More Significant than Ethereum’s
Stacks’ Andre Serrano told Cointelegraph that scaling layers on Bitcoin have a more significant effect on the blockchain than those on Ethereum because Bitcoin doesn’t natively support smart contracts.
In the recent past, there’ve been growing efforts to open up the Bitcoin ecosystem. Some of the efforts like Bitcoin Ordinals have gained widespread adoption.
With Stacks’ active accounts reaching a new ATH, it’s evident that Bitcoin layer 2s are gaining traction.